Govt & World Bank signs $55m loan agreement

The government and the World Bank has signed a $55 million loan to Sri Lanka in order to improve urban services, preserve cultural and environment assets, and improve liveability in Jaffna, adding the city to an existing project to develop Galle and Kandy.

The credit agreement for the project was signed by Secretary to the Ministry of Finance Dr. RHS Samarathunga and World Bank Country Director for Sri Lanka and the Maldives Françoise Clottes.

The credit will add development of rapidly urbanizing Jaffna to the existing Strategic Cities Development Project, which is supported by the World Bank and was originally approved in 2014.

Françoise Clottes said “Well planned cities can be centres of innovation and job creation as experienced in many parts of the world and this is an opportunity for Sri Lanka to connect people to prosperity. There is substantial potential for economic growth in Jaffna, now that peace has returned.”